First Blockhain Ecosystem of Israel Reached $2.5 million in Token Sale

Israel is coming on board of cryptocurrency more and more extensively. And a new project BitCoen is a palmary proof of it. BitCoen is the first “Kosher” ecosystem, a blockchain-project, a business platform and a services system developed for interaction between representatives of Jewish communities around the world.

BitCoen ecosystem includes BitCoen Token (BEN), which can act as a means of payment for mutual settlements between community representatives, and BitCoen Loyalty program. Program users after the purchase from program partners get not an abstract loyalty points, but BEN’s.

The project team has already started developing a mobile application for the BitCoen wallet. Also negotiations with potential partners of the project are continuing.

The token sale of BitCoen has just finished. The project team in its post on Medium announced that they “dropped the top bar of the hard cap to $2 500 000”.

“Token BitCoen will undergo all the necessary checks, and we expect that in mid-March it will be traded on Bitqi.com,” commented Vice-President of BitCoen David Dyshko. “Later the token will appear on other sites. We want to thank all those who supported the BitCoen project, your trust is very important for us. During Token Sale, we realized that BitCoen is more than a Jewish blockchain project. The idea of BitCoen was supported by different communities: ethnic groups, travellers – all who has a need in a use of a single crypto currency in the territory of different countries. So now we can say that Bitcoen is the first Community Open Exchange Network.”

The government of Israel are aimed at decreasing of black market activity, which comprises an estimated 22% of the country’s GDP, and reducing of paper cash, which is largely used to facilitate untaxed transactions. Thus, the authorities have been considering issuing a state-sponsored digital currency and pondering a tentative legal framework for it.

“After all these discussions, the requirements for the blockchain technology of the new Israel state-sponsored currency are very clear: high network speed for immediate transactions, protection from spam and false transactions, and a ready-to-use digital wallet,” Vyacheslav Semenchuk, founder and CEO of BitCoen, said. “We can say that BitCoen blockchain is perfectly meeting these requirements. The LCPoA blockchain algorithm reliably protects the network, while it does not require large expenditures of computing resources. The BitCoen technology provides a high network speed (up to 25,000 transactions per second), which is 3500 times faster than the Bitcoin blockchain. The BitCoen digital wallet was ready in December and has been undergoing testing by our token holders for several months.”

According to Semenchuk, state-sponsored digital currencies like a new “digital shekel” may act as competitors of all cryptocurrencies, even Bitcoin. “We look forward to seeing how digital currencies will affect the lives of consumers in Israel and other countries,” he said.

Project’s geography covers more than 200 countries. According to the company’s representatives, the demand for BitCoen turned out to be the biggest in Israel, Russia, Germany, Italy, Spain, England, Turkey, Ukraine, India, Venezuela, Vietnam, Indonesia and Pakistan.

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